GM announced today that it is adding two shifts and about 2,500 jobs at the Detroit-Hamtramck assembly plant as part of the company’s plan to create or retain about 4,000 jobs and invest $2 billion in 17 manufacturing facilities in eight states. The new jobs will be focused around building the new Chevrolet Malibu midsize […] [Read More]

In another development to this ongoing saga of two rental giants pursuing Dollar Thrifty Automotive Group, Hertz Global Holdings said late Tuesday afternoon that its exchange offer for the Tulsa, Okla.-based rental company’s outstanding shares has officially begun. In the proposed deal, Hertz is offering $57.60 cash, along with 0.8546 Hertz shares, for each DTAG […] [Read More]

The country has witnessed a dot-com bubble and then a mortgage bubble. Could there be a used-vehicle bubble on the horizon? Dale Pollak thinks there could be. The vAuto founder began his blog post Tuesday by giving dealers what he called, "a head’s up." Pollak stressed that he was “not willing to make firm predictions about the […] [Read More]

Pushed by supply dynamics and surging fuel costs, small-car trade-in values are likely to skyrocket next month, according to NADA Used Car Guide. Specifically, NADA Used Car Guide senior analyst Jonathan Banks is predicting a 30-percent year-over-year hike in trade-in values for used small cars in June. [Read More]

Though Toyota and Honda still lead the way when it comes to working relations with suppliers, the Big 3 has narrowed the gap between its Japanese peers, according to a recent study from Planning Perspectives. The company’s 2011 North American OEM-Tier One Supplier Working Relations Study examined the six U.S. and Japanese automakers by surveying suppliers about […] [Read More]

Debt collection association ACA International recently appointed a new chief executive officer. Assuming the post on June 1 is Patrick Morris. ACA International highlighted that Morris has been an association executive for the past 16 years and brings a wealth of experience in financial services, regulatory and legislative issues, international affairs and insurance. Morris is […] [Read More]

An Ohio repossession agency wanted to inform the rest of the industry about what it’s calling a scam gaining traction in the financial community. Source One Adjusters of Ohio explained the dangers of what’s being dubbed a “private repossession,” a process that agency officials say targets a bankrupt consumer using free Internet classified ads. Source […] [Read More]

Speaking for independent dealers from Connecticut to California, Auto Remarketing caught up with Anthony Underwood this week while he was driving back to his dealership after making one of his biweekly auction trips. The current president of the National Independent Automobile Dealers Association called the search for inventory — especially fuel-efficient models — “amazing.” “You talk with seasoned […] [Read More]

Chrysler will completely pay off its U.S. and Canadian government loans — along with any related fees and expenses — with the proceeds from a notes offering, a new term loan facility and the equity investment from Fiat, the company revealed Friday. [Read More]

Late last week, KAR Auction Services revealed details of its debt refinancing effort that totaled nearly $2 billion. The company entered into a $1.7-billion, six-year senior secured term loan facility and a $250-million, five-year senior secured revolving credit facility with a syndicate of lenders. In addition to replacing the company’s prior senior secured credit facility, […] [Read More]